Market Trends of Wireless Sensors Network Industry
This section covers the major market trends shaping the Wireless Sensors Network Market according to our research experts:
The Medical Segment is Expected to Witness Significant Growth
- Continuous health monitoring using wireless body area networks of implantable and wearable medical devices is envisioned as a transformative approach to healthcare. Rapid advances in biomedical sensors, low-power electronics, and wireless communications have brought this vision to the verge of reality.
- The aim of these applications is to ensure continuous monitoring of the patient's vital parameters while giving them the freedom to move. In doing so, WBANs result in an enhanced quality of healthcare.
- Moreover, with an increase in connected healthcare IoT devices, the WSN is expected to gain significant growth.
- For instance, in the European Union, IoT solutions are growing rapidly, and there are a lot of opportunities for the health sector in this market. The number of IoT healthcare active connections is expected to increase in the forecast period, thereby driving the WSN market.
- Under the European Commission's Digitising European Industry (DEI) emphasis area, almost €1 billion in EU funding was made available for initiatives in research and innovation through the Horizon 2020 program, with a huge proportion of that invested in healthcare. ACTIVAGE, GATEKEEPER, and SHAPES are three large-scale pilots that have received close to €60 million in funding for research and innovation into the application of digital technology in European healthcare.
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North America is Expected to Account for the Largest Market Share
- North America has emerged as the priority choice for the market vendors in the market studied, as the region is highly benefitted by the presence of the critical infrastructure necessary for the solution.
- The adoption of smart factories, intelligent manufacturing, and the presence of many industrial wireless sensor network manufacturers are expected to drive the growth of the North American market in the near future.
- The presence of a number of key players, such as ABB Ltd, Emerson Electric Co., and Honeywell International Inc., is also expected to prompt the growth of the market in this region.
- The total revenue generated by Honeywell International Inc. in Europe accounted for USD 6,800 million in 2021. This estimate was 6.9% higher than the previous year, which generated USD 6,356 million.
- Wireless sensor networks were used in health applications to provide impaired interfaces, integrated patient monitoring, diagnostics, and drug administration in hospitals, telemonitoring of human physiological data, and tracking and monitoring of doctors or patients within a hospital.
- In North America, Wireless sensor networks were used in health applications to provide impaired interfaces, integrated patient monitoring, diagnostics, and drug administration in hospitals, telemonitoring of human physiological data, and tracking and monitoring doctors or patients within a hospital. Digital health revenue is estimated to rise at 5.89 % (CAGR 2022-2026), resulting in a market volume of USD 42,316.21 million by 2026.
- Moreover, the North American freight railroad industry is also trying to leverage WSN onboard railcars for advanced monitoring and alerting. In railroad environments, freight train WSNs exhibit a linear chain-like topology of significant length.
- Furthermore, with the increasing penetration of wearable devices in the commercial market, wearable devices are also becoming increasingly popular for industrial usage due to their numerous benefits. For instance, Airbus implemented wearable devices in the aerospace and defense industries in collaboration with Accenture.
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